Cyprus-based Forex broker FxPro
has just announced the launch of Infinite Cards for its clients, with the offering set to markedly simplify and accelerate the transfer and management of trading funds.
In its essence, the new solution is a prepaid Mastercard which you can use as any normal debit card, on top of the perk that it will be linked to your trading account with FxPro. This means that you can withdraw funds that are in your trading account via an ATM and you can make purchases at numerous points with the Mastercard signs. The Infinite Card is linked to the FxPro Vault
- in case you don't know what this is, let's remind you that this like a separate account within your account which allows you to keep funds separate from the money you use for trading. You can consider it like an ingenious risk-management tool.
Via the Infinite Card you can transfer funds from and to the Vault, so you need to set up one in order to make use of the card. Moreover, the currency in which you use the Vault will be the same as the one you use for your card. At this point you can choose among USD, EUR and GBP.
Applying for an Infinite Card is easy – you can do it from FxPro Direct
. There is an initial payment of GBP 15 for the card and you need to make an initial deposit (that's USD 20, EUR 20 or GBP 20). Having paid this, you're good to go – the broker will send you the physical card on the address provided.
The sole minus of the offer is that the cards are not yet available for clients of FxPro UK Ltd, but hopefully the broker will find a way to provide them with an analogical service.
And now let's consider the utility of such cards. Anyone involved in Forex trading should be familiar (first hand) with the numerous traps that this activity hides – and we are talking not only about unsuccessful trades, but also about psychological challenges, like the case when you simply cannot step on the brakes and invest more and more money. There are also the technical issues when you need to invest money to support a position but your bank keeps processing that payment for so long that you miss that chance (or lose your account). You must be getting where I'm going – having a simple and effective means to transfer funds into your account and keep control on how much you spend is essential. That's what the Infinite Card is aiming to do.
For that matter we should note the growing number of brokers that have opted to offer prepaid debit cards
to their clients. The list includes names like XM
FxPro is an award-winning Forex broker providing retail and institutional offerings to clients in 150 countries. FxPro offers trading access through a range of platforms including the innovative ECN platform – FxPro cTrader – supported by industry-leading market news and outstanding levels of customer support 24 hours a day. FxPro’s goal is to be the world’s preferred Forex broker and it has become the first choice for Forex traders needing user-friendly market access and superior trading infrastructure.
With offices in the United Kingdom, Austria, Cyprus, France, Russia and Spain, FxPro Financial Services Limited is authorized and regulated by the Cyprus Securities and Exchange Commission, under license number 078/07, and operates under the EU Markets in Financial Instruments Directive (MiFID).